Rising Insurance Expense

Attached is a story from Multifamily Dive, a fantastic apartment e-newsletter, that addresses the increased cost of insurance for multifamily properties. The article is the fifth in a series (links to the preceding four are provided in the article). As the article states, “Premium increases create a host of issues for multifamily executives, who are already struggling with multiple financial challenges.” Multifamily executives aren’t the only ones struggling with premium increases and ‘multiple financial challenges.’ Many owners are faced with these challenges at this time. Here in Salt Lake City, there are thousands and thousands of new apartments under construction. Rents appear to be plateauing. Vacancy is increasing. And inflation still challenges all owners as expenses in maintaining a property have increased for everyone. The cost of insurance is but one of many challenges but the increased cost of insurance is at the top of the list for many owners.
Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management, brokerage listings and sales, and all aspects of a multifamily investment. Specific diligence regards property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets which it defines generally as 10-to-60-unit properties.
Please find us at svikhart.com or contact us at 801-550-5684 to learn about the real estate services the firm provides. To subscribe to the firm’s newsletter addressing events of the day please follow this link Newsletters

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